Are you looking for the best deal on a mortgage? If so, you may want to consider working with a mortgage broker. A broker is a professional who specializes in helping people find the best loan for their needs. They can help you compare different lenders and find the one that offers the best rates and terms. Plus, they may be able to get you special rates that are lower than what you could get on your own.
When you work with a mortgage broker, they will compare several wholesale lenders to find the one that best fits your loan. This means they can offer you the lowest wholesale rate based on your credit, income, and other criteria. On average, a broker will be paid between 1% and 2% of the total value of the loan. The great thing about working with a mortgage broker is that they can help you explore all types of lending options while only dealing with one person.
You only need to fill out one application, rather than filling out forms for each individual lender. Plus, they may be able to get special rates from lenders that you wouldn't be able to get on your own. Mortgage brokers can also help you manage mortgage charges by having the lender reduce or exempt them from them, which can save you hundreds or even thousands of dollars. They act like the Expedia of home loans, looking at a wide range of options and offering you the best option for your money.
When looking for a mortgage broker, it's important to compare prices and look for different agents. The greater the broker's experience and network, the greater your chances of obtaining the loan product and interest rate that best suits your needs.